Banking system
Goldsmiths from other towns became curious about their activities and a day they called to see him. He told them that was what he did, but was careful to emphasize the need for secrecy.
If their plan was exposed, the scheme would fail, so they agreed to form their own secret alliance.
Each returned to his hometown and began to operate as Fabian had taught.
Cheques
People now accepted the receipts as being as good as gold itself, and many receipts were deposited for safe keeping in the same way as coins. When a merchant wished to pay another goods, he simply wrote a short note addressed to Fabian that sent him to transfer money from your account to the second merchant. It took Fabian only a few minutes to adjust the numbers in the book.
This new system became very popular, and notes with instructions to transfer were called "checks."
Bills
Late one night, the goldsmiths had another secret meeting and Fabian revealed a new plan. Convened a meeting the next day with all the Governors, and Fabian began. "The receipts we issue have become very popular. No doubt most of you Governors are using them and find them very convenient." Governors settle. They agreed, but wondered what was wrong. "Well," continued Fabian, "some receipts are being copied by counterfeiters. This practice must stop."
The governors were alarmed. "What can we do?" asked.
Fabian replied, "My suggestion is: first of all, let it be the work of the government to print new notes on special paper with very intricate designs, and then each note will be signed by the chief governor. The notes will call" tickets " . goldsmiths will be happy to pay the costs of printing, it will save much time we spent writing our bills. "
The Governors reasoned, "Well, it's our job to protect people against counterfeiters and the advice seems certainly a good idea." Then agreed to print the "notes".
The idea sounded good, and without much thought, they printed a lot of brand new bilet. Each note had a value printed on it - $ 1, $ 2, $ 5, $ 10 and so on. The small printing costs were paid by the goldsmiths.
The notes were much easier to carry and were quickly accepted by the people. Despite their popularity, these notes were used only for 10% of transactions. The records showed that the system of checks was used for 90% of all businesses.
source: economia.com.mx
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